New EU sanctions against Russia to target military and technology

The EU proposes new sanctions to be implemented against 55 companies and over 60 individuals who support Russia’s aggression against Ukraine.

Source: Bloomberg 

Details: According to documents obtained by Bloomberg, the restrictions will affect individuals and firms involved in weapon production, as well as the supply of key technologies and electronics used by Russian defence companies to build weapons.

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The proposals, which would require the approval of all member states before being implemented, would also target shipping companies that provided transportation and logistics for ammunition from North Korea to Russia. The agency recalls that North Korea supplied Russia with hundreds of thousands of artillery shells.

The sanctions package, the 13th since the full-scale invasion, is expected to be narrow in scope. A number of EU member states urged the bloc to be more ambitious and include new economic sanctions in the package.

Current proposals include adding several military and other officials, as well as politicians, to the sanctions list, including Alexei Dyumin, a former bodyguard of Russian President Vladimir Putin and current governor of Tula Oblast. The list of restrictions may change until it is approved by all member countries.

Background:

• On 18 December 2023, the EU approved the 12th package of sanctions against Russia. The aggressor country’s diamond industry was particularly affected by the restrictions, as were a number of goods exported to the Russian Federation.
• By the second anniversary of the full-scale invasion, the European Union intends to develop a new set of sanctions against Russia. According to media reports, a key component of this package will be a ban on Russian aluminium.
• The European Commission planned to hold an informal high-level meeting with EU member states on 3 February to discuss the details of the thirteenth package of sanctions against Russia for its attack on Ukraine.

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